Technical Observation:
GBP is currently trading slightly below it’s pivot line 1.2814. On the Daily chart above, a long position towards 1.3489 is imminent. Unless there’s a clean bearish breach below 1.2723, I will leave the current long position open towards 1.3489; my SL fixed below 1.2745 and my TP at 1.3489.
I will only be interested in short positions below 1.2723, this short positions will have a TP at 1.2357 and SL slightly above 1.2911.
Technical levels:
Resistance levels
R1: 1.284
R2: 1.2874
R3: 1.2934
Pivot Point
1.2814
Support Levels
S1: 1.2693
S2: 1.2753
S3: 1.278
Trade Signal
Long GBP towards 1.3489
